TPG is likely to lead the funding round, which could total $400 million-$500 million, the Journal reported, quoting two sources close to the development.

Airbnb, whose website lists everything from private rooms to manors and islands for rent, is widely expected to file for an initial public offering this year, following Twitter Inc’s successful IPO in November.

TPG declined to comment to Reuters and Airbnb could not be immediately reached for comment.

Airbnb has become one of Silicon Valley’s most successful start-ups in the five years since it was founded by a trio of graduates from the Rhode Island School of Design and Harvard.

With a valuation of about $10 billion, the company would be larger than Hyatt Hotels Corp, which has a market value of $8.43 billion, and Wyndham Worldwide Corp, valued at $9.39 billion.